At a glance
Ovintiv Inc is worth $19.65B, about 15 times its fiscal 2025 earnings. Revenue fell 2.7% to $8.91B in fiscal 2025, with 13.9% kept as profit; over 5 years it has grown 7.9% a year. It pays a 1.68% dividend yield, and returned $3.45B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +99.4% over the past year with dividends reinvested and +16.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 86.4% in the 2020 crash (S&P 500: 33.7%) and 36.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 44 months after the lows.
The business in plain English
Ovintiv, based in Denver, is an oil and gas producer. It drills and operates wells in the United States and Canada and sells what they yield: crude oil, natural gas and natural gas liquids (NGLs, such as propane, which are separated from raw gas). Revenue is roughly volume times price, so results rise and fall with commodity prices. Ovintiv hedges, using contracts that set or limit the prices it receives. This cushions price drops but can cap gains.
Ovintiv has two segments. USA Operations brought in about $5.9 billion, or 66.6% of fiscal 2025 revenue of $8.9 billion (year ended December 31, 2025). Its core is the Permian basin in west Texas, where Ovintiv held about 193,000 net acres (acreage adjusted for its ownership share). Canadian Operations, centered on the Montney in northwest Alberta and northeast British Columbia, brought in about $2.9 billion, or 32.5%. Ovintiv calls these the two largest remaining undeveloped oil basins in North America.
The asset base is narrowing. During 2025, Ovintiv sold substantially all its Uinta assets for about $1.9 billion. On February 17, 2026, it agreed to sell its Anadarko assets in Oklahoma, about 360,000 net acres, for $3.0 billion before closing adjustments. Its annual report said the deal was expected to close in the second quarter of 2026.
Price history
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OVV +99.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Usa Operations | $5.93B | 66.6% |
| Canadian Operations | $2.89B | 32.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $3.01B, up 30% from a year earlier, and net income was $456.0M (+48.5%).
- For fiscal 2025, revenue was $8.91B (-2.7% year over year; +7.9% a year from FY2020 to FY2025) with a 13.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.9% good |
|---|---|
| Operating margin | 12.7% watch |
| Free cash flow margin | 16.9% good |
| Return on equity (FY2025) | 11.1% watch |
| Return on assets (FY2025) | 6.1% watch |
| Net cash (cash minus debt) | $-3.00B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.09B | $-6.10B | $159.0M |
| FY2021 | $8.66B | $1.42B | $1.61B |
| FY2022 | $12.46B | $3.64B | $2.04B |
| FY2023 | $10.88B | $2.08B | $1.42B |
| FY2024 | $9.15B | $1.13B | $1.42B |
| FY2025 | $8.91B | $1.24B | $1.50B |
Valuation snapshot
| Market value | $19.65B |
|---|---|
| P/E ratio | 14.9 |
| Dividend yield | 1.68% |
Rank among 1514 US companies
Market value at each year end
Ovintiv’s market value went from $3.73B at the end of 2020 to $19.65B on Oct 28, 2026, about 5.3 times as much; since the end of 2025 it is up 98%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $19.65B | +98.0% |
| 2025 | $9.93B | -5.9% |
| 2024 | $10.54B | -12.0% |
| 2023 | $11.99B | -4.8% |
| 2022 | $12.59B | +43.1% |
| 2021 | $8.80B | +135.8% |
| 2020 | $3.73B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OVV price data to Oct 28, 2026 | +84.9% | +99.4% | +17.3% | +16.1% | +6.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +84.9% |
| 2025 | -0.3% |
| 2024 | -5.2% |
| 2023 | -10.9% |
| 2022 | +53.3% |
| 2021 | +138.3% |
| 2020 | -35.0% |
| 2019 | -17.6% |
| 2018 | -56.3% |
| 2017 | +14.4% |
| 2016 | +132.9% |
| 2015 | -62.1% |
| 2014 | -22.0% |
| 2013 | -5.2% |
| 2012 | +10.8% |
| 2011 | -34.3% |
| 2010 | -7.8% |
| 2009 | +32.6% |
| 2008 | -29.9% |
| 2007 | +49.9% |
| 2006 | +5.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 38.4% over that stretch · deepest drop along the way 64.2%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 84.4% over that stretch · deepest drop along the way 86.4%, back to its old high 9.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 49.9% over that stretch · deepest drop along the way 36.5%, back to its old high 44.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 1 sales ($491K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 12, 2026 | Rachel Maureen Moore EVP, Corporate Services | sell | $491K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 9.2% | Jun 30, 2026 |
| BlackRock, Inc. | 9% | Jun 30, 2025 |
| Capital Research Global Investors | 6.9% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.35% | Mar 31, 2026 |
| Vanguard Capital Management | 5.19% | Mar 31, 2026 |
ETFs with the most weight in OVV
| OILT Texas Capital Texas Oil Index ETF | 4.14% |
| FXN First Trust Energy AlphaDEX Fund | 3.93% |
| MDPL Monarch Dividend Plus ETF | 3.59% |
| FCG First Trust Natural Gas ETF | 3.38% |
| XOP SPDR S&P Oil & Gas Exploration & Production ETF | 2.77% |
| PXE Invesco Energy Exploration & Production ETF | 2.59% |
| FTXN First Trust Nasdaq Oil & Gas ETF | 2.13% |
| CALF Pacer US Small Cap Cash Cows ETF | 1.8% |
What could go wrong
- Big asset sales are reshaping the company. Ovintiv sold most of its Uinta assets in 2025 and agreed in February 2026 to sell Anadarko. Planned sales may not happen, it may keep some liabilities, and acquisitions may fall short of expectations.
- Cross-border business adds currency and land-rights risks. Ovintiv operates in the U.S. and Canada, with about a third of revenue from Canada. Currency swings can raise costs or cause losses, and Indigenous treaty and title rights could affect operations.
- Hedges can cap gains when prices rise. Ovintiv uses hedges, contracts that set future selling prices, to soften price drops. The catch is it may not fully benefit when prices rise, and the contracts carry their own risks.
- Wells deplete and reserves must be replaced. Oil and gas wells produce less over time. Unless Ovintiv finds, develops or buys new reserves in the ground, its output will fall. Reserve figures are also estimates that could prove wrong.
- Debt and credit ratings limit flexibility. As of June 30, 2026, Ovintiv had about $3.7 billion of debt and $700 million of cash and investments. A credit rating downgrade could raise borrowing costs and limit access to capital.
- Oil and gas prices drive results. Ovintiv cannot control what it gets for oil, NGLs and gas. A long price slump, or a wider gap between local and benchmark prices, could cut profits, cash flow and the share price.
Recent events
- Major agreement signed; Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Other company announcement
- Quarterly results released; Other company announcement
- Shareholder vote results
- Major agreement ended; Acquisition or sale of assets completed; Investor presentation or announcement; Other company announcement
- Quarterly results released; Other company announcement
- Major agreement signed
- Investor presentation or announcement
For income and retirement investors
Ovintiv's dividend has grown fast, though not every year. Its regular dividend per share rose from $0.375 in 2020 to $1.20 in 2025, about 26% a year, but the 2025 payout matched 2024's, leaving no active streak of increases. The 2025 dividend used 25% of earnings and 21% of free cash flow (cash left after capital spending). The yield was 1.68% as of October 28, 2026. Buybacks were bigger: $2.16 billion over 2021–2025, versus $1.29 billion in dividends, yet the share count rose 5.5% from July 2021 to July 2026. Both are at the board's discretion.
The stock fell 64.2% in the 2008 financial crisis and had not regained that high by October 28, 2026. It dropped 86.4% in the 2020 COVID crash, recovering in about 10 months. In 2022 it rose while the market fell, though a 36.5% summer slide took about 44 months to recover. A single stock like this carries more risk than a diversified fund.
Questions investors ask
How does Ovintiv make money?
Ovintiv makes money by drilling wells and selling the crude oil, natural gas and natural gas liquids they produce. Revenue was about $8.9 billion in fiscal 2025, which ended December 31, 2025. USA Operations, anchored by the Permian basin in Texas, supplied 66.6%. Canadian Operations, centered on the Montney, supplied 32.5%. Because income tracks commodity prices, results swing. Revenue in the quarter ended June 30, 2026 was 30% higher than a year earlier.
Does Ovintiv raise its dividend every year?
No. Ovintiv paid regular dividends of $1.20 per share in fiscal 2025, the same as in fiscal 2024. Over the longer run the payout has grown from $0.375 per share in fiscal 2020, an average of 26.2% a year. The dividend yield (annual dividend divided by share price) was 1.68% as of October 28, 2026. Dividends paid equaled 24.8% of fiscal 2025 net income. The annual report notes that the board decides capital returns, and the amount and timing will vary.
Does Ovintiv buy back its stock?
Yes, but the share count has still grown. Ovintiv spent about $2.16 billion on buybacks from fiscal 2021 through fiscal 2025. That is more than the $1.29 billion it paid in dividends over the same span. Even so, shares outstanding rose 5.5%, from about 261.1 million on July 23, 2021 to about 275.5 million on July 17, 2026. Buybacks also fell to $307 million in fiscal 2025, from $597 million in fiscal 2024.
How much debt does Ovintiv have?
Ovintiv had about $3.7 billion of debt as of June 30, 2026, against $700 million of cash and investments. That leaves net debt (debt minus cash) of roughly $3.0 billion. Shareholders' equity was about $11.5 billion. The company's annual report lists its level of debt and possible credit-rating downgrades as risks. Either could raise borrowing costs or limit the company's financial flexibility.
How volatile is Ovintiv stock?
Very volatile. The shares gained 99.4% in the year to October 28, 2026, but their history includes deep losses. Their one-year volatility, a measure of how widely the price swings, was 35.5%. They fell 86.4% from peak to trough in early 2020 and 64.2% during the 2008 financial crisis. Calendar-year returns have ranged from a 62.1% loss in 2015 to a 138.3% gain in 2021. Over about 21 years of price history, the worst decline from a peak was 98.9%.